Job Class: Housing Development Officer Senior Working Title: Multifamily Underwriter
Position available at Minnesota Housing Finance Agency
Who may apply: This position is open to bidders and qualified Minnesota Housing employees simultaneously. This vacancy will be filled in accordance with contract provisions. Eligible bidders will be considered prior to filling the position via other means.
POSTING DATE: 06/12/2020 EXPIRATION DATE: 06/26/2020
DIVISION: Multifamily - Underwriting
SUPERVISOR: Anne Heitlinger
JOB CLASS: Housing Development Office Senior
EMPLOYMENT CONDITION: Full-time, Unlimited, Classified
Minnesota Housing is hiring! Minnesota Housing is a mission focused bank that is seeking a qualified Underwriter candidate in the Multifamily Underwriting team. The position is responsible for processing funding applications to determine if submitted projects meet Agency guidelines and strategic priorities. The position will apply the Agency's underwriting standards and review applications to assess financial feasibility and strength. Once selected for funding, the position will review and approve due diligence, assess financial feasibility as the project moves through to closing, test assumptions, analyze various financial scenarios, and problem solve. The position will also create and present initial selection funding recommendations as well as the final mortgage credit report recommendations. You ll have the opportunity to work with a great team of professionals that create and preserve multifmaily affordable rental housing for Minnesotans.
Essential Job Duties:
- Responsible for reviewing applications for funding
- Compare proposals to program regulations and determine the best financing options
- Generate and test multiple assumptions, trends, financing scenarios and review financial feasibility
- Oversee all steps in the underwriting process that includes: sizing amortizing debt, soft debt, and tax credits, working with external customers and funders, and working with Agency staff across the division (e.g. supportive housing, asset management, legal) Act as the Agency point of contact for applicants and developers
- Problem solve and collaborate with the developer and other funders as a project moves to closing
- Provide technical assistance as needed to potential applicants, to facilitate applications that are competitive and meet Minnesota Housing selection and funding criteria
- Bachelor's degree in Business Administration, Finance, Accounting, Housing, Real Estate, Community Development/Planning, or a related field AND two (2) years of demonstrated experience in multifamily underwriting, multifamily loan servicing or affordable housing finance or program experience. For this role, single family lending experience or mortgage banking experience is insufficient.
Three years of demonstrated experience as described above will substitute for a Bachelor's
degree Experience in Microsoft Word, Excel and Outlook
- Knowledge of multifamily financing structures and funding sources (such as from a developer or lender (government or bank))
- Ability to analyze underwriting proposals that involve multiple financing sources and financial deal structures
- Interpersonal skills to develop strong collaborations as well as manage internal and external relationships
- Ability to negotiate legal agreements and business points with developers and other funders
- Ability to master details of multiple projects, while managing multiple projects strategically
- Possess thoroughness and attention to detail
- Master s Degree in Business Administration, Finance, Accounting, Housing, Real Estate, Community Development/Planning
- Requires occasionally lifting and/or carrying such articles as file folders, ledgers, and small tools.
- A certain amount of walking and standing is often necessary in carrying out job duties
Additional Requirements This position requires the successful completion of the following:
- Reference Check
- Job- related Criminal Background Check
- Driver s License Check
Annual Salary Range $54,163 - $79,950 annually
To Apply: External candidates should apply via this web link: https://careers.mn.gov/psp/hcm92apc/MNCAREERS/HRMS/c/HRS_HRAM.HRS_APP_SC... G
Internal candidates who are interested in applying should go to Employee Self Service > Careers and search for Job ID 40574.
Why Choose Minnesota Housing? Our culture consists of passionate, mission-driven employees focused on delivering the best programs possible to help Minnesotans access safe, affordable housing. We invest in our employees futures by providing a variety of professional development opportunities. We re committed to providing
employees with work-life balance by offering many work schedule options, flexible schedules and limited overtime. That s why our average employee tenure is 11 years.
At Minnesota Housing, we know that affordable housing is an essential part of Minnesota s infrastructure. When you work here, you re helping to build stronger communities. We also have a national reputation as one of the finest housing finance agencies in the country.
Our top notch benefits include extremely inexpensive health insurance for employees and dependents, generous vacation and sick leave plans, eleven holidays per year, and tuition assistance. We offer a defined benefit pension plan with a guaranteed, life-long benefit based on tenure plus pre-tax and ROTH options to supplement the pension. For more information, visit our website at www.mnhousing.gov.
Affirmative Action/ Equal Opportunity Employer This information can be made available in alternative formats to individuals with disabilities by calling (651) 259.3637 or (651) 282.2699 (TTY).